The Future of Law Firms

Abraham Reich was a member of the Philadelphia Business Journal's Roundtable discussion regarding the future of the Philadelphia legal industry. In the first five months of the year, local law firms were roiled by more change than most have seen in a decade. After years of steadily rising billing rates and profits per partner, this year has seen major firms lay off support staff and midlevel associates in large numbers. One of Philadelphia’s oldest, largest firms was forced to fold. Others struggle to sustain workloads while their clients retrench. The trend has been repeated nationwide as technology, clients and the economy put pressure on the industry to revamp its business model.